(a) Efficiency
(b) Values – (i) optimum utilization of scarce resources.
(ii) sincerity
(iii) Responsible towards achieving the target.

Art refers to the skillful & personal application of existing knowledge to achieve desired results. It can be acquired through study, observations & experience.

Management as a profession: Profession means occupation that requires specialised knowledge and a practice of formal education, which is acquired from the respective professional body. The basic features of a profession are:
(i) Systematised body of knowledge: A profession is based on a systematised body of knowledge.
(ii) Restricted entry: Entry into a profession is restricted through an examination or degree.
(iii) Professional association: All professionals are bound to be a part of a professionals are subject to an ethical code of conduct.
(iv) Code of conduct: All professionals are subject to an ethical code of conduct.
(v) Service motive: The basic motive of each professional is to render committed service to the society.
Following points clarify whether management is a profession or not:
(i) Like profession, management has well defined body of knowledge. It has its own principles, which are based on experiments.
(ii) In  management, no such restriction is there for managers to clear an examination or hold a degree.
(iii) In management, no such rules and regulations are framed to guide the managers.
(iv) Membership to a professional association like AIMA, is not mandatory for managers.
(v) All managers, directly or indirectly work for the development of society.
Conclusion: Thus, management does not possess all the essential attributes of a profession. No doubt, management though not a full fledged profession, is emerging as a profession. 

Management as a profession has following characteristics:
Well Defined Body of Knowledge: All professions are based on a well-defined body of knowledge that can be acquired through instruction.
Restricted Entry: The entry to a profession is restricted through an examination or through acquiring an educational degree. For example, to become a chartered accountant in India a candidate has to clear a specified examination conducted by the Institute of Chartered Accountants of India.
Professional Association: All professions are affiliated to a professional association which regulates entry, grants certificate of practice and formulates and enforces a code of conduct. To be able to practice in India lawyers have to become members of the Bar Council which regulates and controls their activities.
Ethical Code of Conduct: All professions are bound by a code of conduct which guides the behaviour of its members. All doctors, for example, take the oath of ethical practice at the time they enter the profession.   
Service Motive: The basic motive of a profession is to serve their client’s interests by rendering dedicated and committed service. The task of a lawyer is to ensure that his client gets justice.

The following basic characteristics of management highlight its nature :
1. Management is a goal – oriented process : An organisation has a set of basic goal which are the basic reason for its existence. These goals should be simple and clearly stated. Management unites the efforts of different individuals in the organisation towards achieving these goals. For example, a firm decides to sell 1000 TV sets in particular year. The manager will plan a course of action and organize the activities to achieve this goal.
2. Management is a group activity : An organization is a group of diverse individuals with different needs. Every member of the group has a different purpose for joining the organization. But as members of the organization they work towards achieving the common organizational goal. This requires team work and coordination of individual efforts in a common direction. Management as a team can contribute more effectively and efficiently rather than individuals.
3. Management is an intangible force : Management cannot be seen. The effect of management is noticeable in an organisation where targets are met according to plans, employees are happy and satisfied, and there is orderliness instead of chaos and there is coordination in the working environment.
4. Management is all pervasive : Management is virtually applied to every type of organisation, whatever its size or purpose. An auto plant, a city government, a cricket team, a hospital or a school all require management, a cricket team, a hospital or a school all require management. Moreover, what managers do in India, the USA, Germany or Japan is the same. How they do it may be quite different. This difference is due to the differences in culture, tradition and history.
5. Management is multidimensional : Management is a complex activity which has three main dimensions. i) Management of work ii) Management of people iii) Management of operation
6. Management is a continuous process : Management process is a series of continuous, composite but separate functions (planning, organizing, staffing and controlling). But these functions are inter-dependent. They are simultaneously performed by all managers all the time.
7. Management is a dynamic function : Management is a dynamic function and has to adapt itself to the changing environment. An organization interacts with its external environment which consists of various social, economic and political factors. In order to be successful, an organization must change itself and its goals according to the needs of the environment.

The steps involved in the process of management which should be followed by Max Power Ltd. are:
(i) Planning: In this step, Max Power Ltd. plans everything before action. This step helps in determining objective. forecasting and formulation of policies.
(ii) Organising: Once the plans are formulated in an organisation, the next step is organising which means providing all necessary things for its functioning-raw materials, tools, capital, personnel, etc.
(iii) Staffing: In this step, right person is placed at the right job according to the need of work force which is required to achieve the organisational goals.
(iv) Directing: At this stage, actual work is started as  it implies initiating or instructing employees to act.
(v) Controlling: This step helps in binding the efforts at every step. It ensures that the organisation is moving on the right track to achieve its goal.
The various functions of manager are usually performed in the order given above, suggesting that a manager first plans. In reality, managers are rarely able to carry out these functions in isolation.
The activities are interrelated and it is often difficult to pinpoint where one ended and the other began. e.g. while performing the staffing function, HR Managers, recruitment, selection, etc, all at the same time.
Thus, management fuctions are continuous and interrelated, with no pre-determined sequence.

The steps involved in the process of management which should be followed by Max Power Ltd. are:
(i) Planning: In this step, Max Power Ltd. plans everything before action. This step helps in determining objective. forecasting and formulation of policies.
(ii) Organising: Once the plans are formulated in an organisation, the next step is organising which means providing all necessary things for its functioning-raw materials, tools, capital, personnel, etc.
(iii) Staffing: In this step, right person is placed at the right job according to the need of work force which is required to achieve the organisational goals.
(iv) Directing: At this stage, actual work is started as  it implies initiating or instructing employees to act.
(v) Controlling: This step helps in binding the efforts at every step. It ensures that the organisation is moving on the right track to achieve its goal.
The various functions of manager are usually performed in the order given above, suggesting that a manager first plans. In reality, managers are rarely able to carry out these functions in isolation.
The activities are interrelated and it is often difficult to pinpoint where one ended and the other began. e.g. while performing the staffing function, HR Managers, recruitment, selection, etc, all at the same time.
Thus, management fuctions are continuous and interrelated, with no pre-determined sequence.

Difference between top level, middle level and lower level or supervisory level of management:

Planning is the primary function of mgt. It is concerned with both ends & means i.e. What to do and how to do it. Therefore planning means setting objectives & targets & formulating an action plan to achieve them effectively & efficiently. Planning is closely corrected with creativity and innovation.
Organising is the mgt for of assigning duties, grouping tasks, establishing authority and allocating resources reqd. to carry out a specific plan.

An organisation is a group of different individuals with different needs. But as members of the organisation, they work towards achieving the common organisational goal. This requires team work and co-ordination. Management as a team can contribute more effectively & efficiently rather than individuals